PIFS conducts research on policy issues impacting the global financial system. PIFS research has focused on issues such as US Treasury market liquidity, global equity market structure, the rise of cloud computing and, most recently, the regulation of crypto markets.
Enhancing Post-Trade Transparency for U.S. Treasuries
In this report, we describe the extent of pre- and post-trade transparency in cash Treasury markets, evaluate the academic literature on the effects of mandatory real-time post-trade transparency, and conclude that U.S. policymakers should mandate the public dissemination of real-time transaction-level data in cash Treasury markets.
Inflation Op-Ed by Hal S. Scott
The Secure Act 2.0 that passed the House on March 29 by an overwhelming 414-5 bipartisan majority makes desirable changes in retirement plans by permitting automatic enrollment, increased contributions and later required minimum distributions. Given inflation at 7.9%,...
Central Clearing and U.S. Treasuries
In our third report in a series on enhancing the market structure for trading U.S. Treasuries and for repurchase agreements of U.S. Treasuries, we describe the Federal Reserve’s domestic standing Treasury repo facility (“SRF”). We conclude that expanding access to the SRF to allow any holder of Treasuries to borrow from the SRF would potentially further […]